The XRP price appears to be approaching one of the most critical technical phases in its long-term structure, according to a new analysis shared by EGRAG CRYPTO. The analyst, known for his bullish view on XRP, says the cryptocurrency is still “missing the fifth wave,” implying that the next leg could drive down its price far to new all-time highs.
Despite the recent consolidation just above $2.2, the Elliott Wave projections show that the cryptocurrency is just gathering strength with price targets up to $27.
XRP is still missing its fifth wave
EGRAG CRYPTOs latest update on X presents the price action of XRP within an extended five-wave structure typical of the Elliott Wave Theory. His analysis, which was conducted on the 5-day time chart, suggests that XRP is currently completing a fourth impulsive wave, which is a correction period leading to massive bullish extensions.
In his words, the “Power of 5” is about to unfold, creating what he expects will be the “most explosive fifth wave yet.”
The historical context emphasized by the analyst supports his claim. Similar fourth correction wave patterns in 2017 and 2021 preceded XRP’s strongest rallies, each following a prolonged consolidation. Furthermore, the EGRAG chart highlights repeating cycles of momentum and correction, highlighted by cyan and pink EMA bands that have consistently acted as support zones before a rally.
The current setup shows XRP remaining above its support zone, and bullish traders have done so prevented it from falling down $2.20. This successful hold suggests that the fourth wave is nearing its end.
Fibonacci extensions point to $27 target
According to EGRAG, the fifth wave is intended to break the disbelief in the market. This is a phase where many traders bet against the trend but end up on the wrong side of history. His post referenced an infamous case of a trader who lost $30 million shorting XRP during the 2024 phase, using it as a reminder that history repeats itself.
The technical projection is reinforced by the Fibonacci extension levels plotted on the EGRAG chart. The analyst’s framework identifies notable price resistance targets for the next leg higher, with the 1,272, 1,414, 1,618 and 2,618 extensions being around $4.78, $5,515, $6,755 and $18.25 respectively, while higher extensions extend to the $27 range.
At the time of writing, XRP is trading at $2.49, after recovering from last week’s low of $2.12. The token is up 9% in the last 24 hours, reflects the growing confidence among market participants as bullish setups begin to take shape.
Despite the market hesitation and low volatility in most cryptocurrencies, the entire market seems to be changing its beliefs. At the time of writing, this is the total market capitalization of cryptocurrency is up about 4.4% during the past 24 hours.
Featured image from iStock, chart from Tradingview.com
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